Industrial production increased 2.3%, YoY, sa, in September

Summary

The annual growth of industrial production in September (2.3% YoY, sa) was mainly due to increase in construction (4.8% YoY, sa), manufactures (3.3% YoY, sa) and electricity, gas and water (2.4% YoY, sa); though Mining fell again, now -2.6% YoY, sa. This result was below our forecast (BBVA Research: 3.1 % YoY, sa), which implies a slight reduction in our growth expectations for 2014

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